Hotel Analysis has reported that the senior living space is set to grow substantially, as investors look to exploit a potentially massive market opportunity.
Aside from the investment attractions, the sector’s management and operational side is drawing in seasoned hoteliers, and as it grows, senior living could well put further pressure on the hotel industry’s recruiters.
In the UK, the opportunity is set out by simple demographics. There are currently more than 12 million people aged 65 or over, a figure set to grow by 22% over the next decade. Numbers aged 80 or more will increase by 40% over the same period. The market covers all those from the newly retired, who may be active and in good health, through to those in later life who need higher degrees of support, ultimately potentially requiring the more complete round the clock care offered by the traditional care home.
We agree, there is plenty to like about the retirement village option, not least that it keeps people engaged, and healthier, than if they were living alone in their own homes. Care, when needed, can be provided more swiftly and efficiently – in the case of falls, for example, providing a far better outcome too.
Interesting to note that the first wave of retirement developments are focused on more well-heeled retirees. While the demographic numbers are impressive, the challenge will be modifying the model to ensure it can still work, for those with less of a cash cushion behind them.
Future Street mid-market, affordable, vibrant later living villages empowering the 100-year life.